aria
Former Moderator
- Joined
- Dec 4, 1977
- Posts
- 39,546
Errr...aren't his children entitled to that money?
I'm assuming, as their minors, someone will be assigned to manage the estate --also some of the money might be given to other members of the family (depending on the will).
Frankly, if I ever had any control over the estate planning of a very rich person with more than a handful of legatees, I would consider creating a trust for the bulk of the estate: that way there would a way to better manage the needs of the various beneficiaries and possibly maintain (or even grow) the total assets.
I know (and briefly worked for) a man who's father was a wealthy Kuwaiti billionaire --the problem was the man had three wives and 27 children... the wealth would've diluted quickly had it been evenly divided so they opted to create a family trust which takes care of all members of the family --though there were some in-fighting problems with various factions (children of one wife vs.another, etc) when it came to controlling the trust. Law is fun. Join us.



